Banks in Dubai
Banking in Dubai is No Longer Complicated
Hi, Sunil here to talk about the banks in Dubai.
Banking is no longer a complicated process, in fact it has become an easy affair to transfer, withdraw or even credit funds to your account.
I guess we can all owe one big thanks to technology for speeding up the process of banking worldwide.
Today, there are so many banks to choose from that it is often a dilemma as to which bank you should choose for your banking needs.
Dubai is no different in that manner, and with the recent boom, there appears to be an increase in the number of banks in Dubai. I guess, with all the money pouring in, this is bound to happen.
Some of the banks tend to give you a feeling of deja-vu as you are made to wait for hours on end for a simple transaction.
My old bank would fit right in with these old fogies who seem to live in the yesteryear rather than in the technology of today.
When it comes to choosing a bank, I guess you should put convenience at the top of the list? Naturally, banks that are fast are preferable to those that make you wait endlessly.
The good news is that most of the banks in Dubai are quite fast with internet banking being offered by many.
Here, we have the option of using local banks as well as foreign ones, with the foreign ones having a slight edge with regard to wire transfers or any other transaction that involves sending money or receiving money from overseas.
Here is a tip: Generally, it is a good idea to check with your company to see which bank they use so that if you were to open an account with that bank, your salary could get credited faster. Then again, you may need to look at this bank from a convenience perspective to see if it would suit you.
Dubai banks generally have a minimum balance requirement for current accounts ranging from 1,000 to 5,000 Dhs. There are times when you may fall short of this minimum balance rule and in that case, you would end up paying a fine anywhere from 50 Dhs upwards.
On the other hand, a savings account does not have a minimum balance requirement but it may carry a reduced interest as opposed to that of a current account. Banks in Dubai offer a variety of services today, from Internet banking to mortgages as well as auto loans. The range of services may vary from bank to bank but well established ones offer the whole pot to the customer, meaning you and me.
Getting a loan at one of these banks is much easier than it would be elsewhere. All that you would be required to do is to show proof of employment and that you have been earning a salary for the last few months. Rule of thumb, you can generally apply for a personal loan to the tune of 10-20 times the amount of your salary.
Some of the banks have this habit of getting a blank check from you as a form of security against any loan taken. I do not know about you but I certainly feel a bit queasy in handing someone a blank check. But there is nothing we can do about this except complain or Blog about it.
Bouncing a check is taken very seriously in Dubai with the due destination being the local jail. So make sure that you keep track of all the checks you hand out as payment for goods or services offered.
The banking scene in Dubai may be a bit confusing for some of the expats as most of the banks tend to follow their own set of hours of operation. But generally, banks in Dubai are open from 8 AM to 1 PM Saturdays to Wednesdays. On Thursdays, they are generally open from 8 AM to noon and closed on Fridays (Friday is the official holy day in Dubai). In general, the timings of most banks fall within this range.
Happy banking and remember, convenience is the key! There certainly isnt any shortage of banks in Dubai.